In today’s world, the impact of traditional energy sources like coal and gas on our environment is increasingly evident. These sources contribute to climate change, exhaust finite resources, and pollute the air. According to EIA (Energy Information Administration), in Kentucky, nearly 71% of electricity was generated from nonrenewable resources in 2021, posing a threat to the environment. That is when solar panels came into the picture, emerging as a powerful and transformative solution. Moreover, Kentucky provides tax rebates and incentives, making solar panel installation advisable and cost-effective. In this blog, we’ll explore various reasons to find out why homeowners should invest in solar panels in Kentucky.
8 Reasons for Choosing Solar Panels in Kentucky
Going solar in Kentucky offers a range of financial, environmental, and long-term benefits. It’s a smart choice for homeowners who wish to save money, increase their home’s value, become energy-independent, and positively impact the environment. Here are eight reasons why homeowners should choose PV panels in Kentucky:
Net Metering
Net metering allows homeowners with photovoltaic panels to have a two-way energy flow with the PV grid. During the day, when the solar panels Kentucky generate more electricity than being used in the home, the excess energy is sent back to the grid. Homeowners receive credits for the excess electricity that is generated. These credits accumulate over time. Homeowners can use their earned credits to pay for electricity, significantly reducing or eliminating their monthly utility bills.
Property Assessed Clean Energy
Kentucky’s Property Assessed Clean Energy (PACE) program helps homeowners finance solar installations through property tax assessments with low interest rates. This program aims to make it easier for homeowners to finance solar panel installation Kentucky. One of the key features of PACE is that the payment is made through property taxes over a set period, often up to 20 or 30 years. The financing for the panels is tied to the property, not the person. So, if the property is sold, the new homeowner will have to make the payments through their property taxes.
Increased ROI
Homes with solar panels in Kentucky offer greater return on investment as potential buyers are often willing to pay more for properties with PV panels because of the energy savings they offer. Based on a research study conducted by Zillow, installing solar panels has been found to increase home values by an average of 4.1%. In Kentucky, where the average property value is $188,463, adopting solar panels can add an average of $7,727 to the overall value of your home. If you reside in areas like Louisville or Lexington, the increase in property value could be even more.
Climate of Kentucky
Climate is indeed a significant reason why homeowners should consider choosing photovoltaic panels. Kentucky’s climate provides the ideal conditions for PV panels to capture and convert sun energy into electricity efficiently, maximizing their energy production as the state enjoys a substantial amount of sunshine throughout the year. It receives an average of 4.5 hours of sun per day. This consistent sunlight ensures that solar panels Kentucky can effectively capture and convert sunlight into electricity year-round, and homeowners can rely on solar energy to power their homes effectively.
Electricity Bill Reduction
One significant benefit of adopting solar energy for your home is the remarkable reduction in your monthly electricity expenses. After installing the panels, you’ll notice a considerable drop in your monthly electricity bills. The installation of PV panels has the potential to slash your monthly electricity costs by an impressive 95%. Going solar can reduce your reliance on electricity from the grid because photovoltaic panels enable you to generate electricity from the sun directly. This can lead to substantial savings by lowering your electricity expenses. If you opt for an off-grid setup, you can eliminate all your electricity expenditures in Kentucky.
Energy Independence
Solar panels provide resilience against energy-related challenges, such as power outages, fuel shortages, or disruptions in energy supply chains. When photovoltaic panels are installed in your home, you are less susceptible to changes in energy prices. You can manage your energy usage and reduce reliance on outside sources by producing electricity with PV installation. Knowing that you have a dependable and sustainable energy option makes you energy-independent.
Environment-Friendly
As Kentucky relies heavily on coal for electricity generation, it has contributed to air pollution and greenhouse gas emissions, negatively affecting air quality and the global climate. Transitioning to solar energy offers a significant opportunity to diminish the state’s dependency on fossil fuels, particularly coal, which has long been a primary source of electricity. This shift not only carries economic benefits but also plays a critical role in mitigating environmental challenges associated with fossil fuel dependency.
Federal Solar Tax Credit
The Federal Solar Tax Credit, available in 2023, offers a significant advantage for homeowners in Kentucky for PV panel installation. This tax credit covers a generous 30% of various expenses related to your energy system, including
- The cost of the solar panels Kentucky.
- Expenses for essential equipment such as inverters, wiring, and mounting hardware.
- Labor costs associated with the installation, including fees for permitting and inspections.
- The cost of solar power storage equipment, such as batteries, provided they have a capacity rating of at least 3 kilowatt-hours (kWh).
Conclusion
Choosing to install solar panels in Kentucky offers multiple benefits, like substantial reductions in your electricity bills, access to various tax incentives, and an increase in the resale value of your home. PV panel installation is a wise investment that can lead to financial savings and can create a positive impact on the environment. If you’re ready to make a difference and adopt a sustainable way of living, it’s the perfect time to explore the solar panel services offered by Ohio Valley Solar in Kentucky. We’re a trusted solar company dedicated to creating innovative energy solutions for everyone. So, take the leap, go solar, and start enjoying the benefits of PV panels today. Contact us for professional solar panel installation Kentucky.